# Within-EMU Demographic Dispersion and CA Dispersion

## A. Cross-Sectional Dispersion Over Time

OLS: CA_dispersion = 7.198 + -5.498 * Demo_dispersion
  - R² = 0.0141, p = 0.5629, N = 26 years
  - Correlation = -0.1189

| Year | Demo Dispersion (σ Z₁) | CA Dispersion (σ CA/GDP) | N countries |
|---:|---:|---:|---:|
| 1999 | 0.3239 | 5.26 | 12 |
| 2000 | 0.3292 | 5.73 | 12 |
| 2001 | 0.3266 | 5.24 | 13 |
| 2002 | 0.3328 | 4.79 | 13 |
| 2003 | 0.3367 | 4.38 | 13 |
| 2004 | 0.3410 | 5.25 | 13 |
| 2005 | 0.3459 | 5.68 | 13 |
| 2006 | 0.3540 | 6.93 | 13 |
| 2007 | 0.3448 | 6.64 | 15 |
| 2008 | 0.4034 | 6.89 | 17 |
| 2009 | 0.4037 | 5.07 | 18 |
| 2010 | 0.4000 | 5.60 | 18 |
| 2011 | 0.3877 | 4.55 | 19 |
| 2012 | 0.3870 | 3.65 | 19 |
| 2013 | 0.3888 | 3.09 | 19 |
| 2014 | 0.3808 | 3.83 | 20 |
| 2015 | 0.3715 | 2.91 | 21 |
| 2016 | 0.3686 | 3.71 | 21 |
| 2017 | 0.3667 | 5.19 | 21 |
| 2018 | 0.3665 | 4.80 | 21 |
| 2019 | 0.3661 | 7.27 | 21 |
| 2020 | 0.3658 | 5.94 | 21 |
| 2021 | 0.3805 | 5.43 | 19 |
| 2022 | 0.3852 | 5.44 | 19 |
| 2023 | 0.3839 | 5.34 | 19 |
| 2024 | 0.3810 | 6.17 | 19 |

## B. Country Deviations from EMU Mean

| Variable | CA dev ~ Z dev | CA dev ~ Z dev + ctrl |
|:---|---:|---:|
| Z_1_dev | -193.5372*** | -185.4627*** |
| | (36.9927) | (32.3060) |
| Z_2_dev | 25.6002*** | 24.8720*** |
| | (4.8174) | (4.2107) |
| Z_3_dev | -0.9462*** | -0.9270*** |
| | (0.1799) | (0.1571) |
| fiscal_bal_gdp | | 0.0079 |
| | | (0.0612) |
| nfa_gdp_lag | | 1.6162*** |
| | | (0.6101) |
| rgdp_growth | | 0.0882** |
| | | (0.0356) |
|:---|---:|---:|
| N | 449 | 447 |
| R² | 0.1863 | 0.3304 |
| Countries | 19 | 19 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*